VIEW ON NIFTY
Nifty: Nifty yesterday after sideway opening at 4774 tested the higher level of 4804 where the 20 DMA resistance was seen at 4815 and on lower side after testing the lower level of 4725 closing was seen around the level of 4756. Today as the Asian market is trading flat to -ve nifty is expected to open around 4740 and will take support 10 DMA at 4702 and if trading is seen below 4702 will bring to lower level of 4640 and 4550 in near term. On lower side if sustain trading is seen below 4700 will open the door for 4660 to 4600 in near term, whereas on higher side resistance is seen at 4775. It’s not expected to cross the higher resistance of 4800 and till the time its holding the same selling at rise is advisable, where in medium term 4350 is the target which is 100% expansion of a- b from point c and can also test 3900 which comes to 161.8% in medium term. Stochastic has just nearing the overbought zone and if the resistance is taken at 4800 will turn -ve and will move back to lower zone.
USD/INR: Rupee yesterday closing was seen positive just above the resistance level of 53 per$ at the level of 53.08 and as expected is moving upside where we expect it to test the level of 53.5 to 53.8 in near term. Today opening was seen sideway around 53.05 per$ where some range bound move is expected where on lower side support is seen at 52.9 per$ and on higher side immediate resistance is seen at 53.4 per$ where till the time support of 52.8 holds buying at dips is advise around 53.05 per$ and will test 53.2 and above 53.2 will move to 53.4 in near term. In short term trading range bound to upside move is expected where it will move slowly to test 54 again and 54.5 in medium terms where buying at dips is advice in medium term for positional traders. Stochastic which has given positive intersection near lower zone which indicates price will rise side way to upside and higher target can be tested soon.
Nifty: Nifty yesterday after sideway opening at 4774 tested the higher level of 4804 where the 20 DMA resistance was seen at 4815 and on lower side after testing the lower level of 4725 closing was seen around the level of 4756. Today as the Asian market is trading flat to -ve nifty is expected to open around 4740 and will take support 10 DMA at 4702 and if trading is seen below 4702 will bring to lower level of 4640 and 4550 in near term. On lower side if sustain trading is seen below 4700 will open the door for 4660 to 4600 in near term, whereas on higher side resistance is seen at 4775. It’s not expected to cross the higher resistance of 4800 and till the time its holding the same selling at rise is advisable, where in medium term 4350 is the target which is 100% expansion of a- b from point c and can also test 3900 which comes to 161.8% in medium term. Stochastic has just nearing the overbought zone and if the resistance is taken at 4800 will turn -ve and will move back to lower zone.
VIEW ON RUPEE
USD/INR: Rupee yesterday closing was seen positive just above the resistance level of 53 per$ at the level of 53.08 and as expected is moving upside where we expect it to test the level of 53.5 to 53.8 in near term. Today opening was seen sideway around 53.05 per$ where some range bound move is expected where on lower side support is seen at 52.9 per$ and on higher side immediate resistance is seen at 53.4 per$ where till the time support of 52.8 holds buying at dips is advise around 53.05 per$ and will test 53.2 and above 53.2 will move to 53.4 in near term. In short term trading range bound to upside move is expected where it will move slowly to test 54 again and 54.5 in medium terms where buying at dips is advice in medium term for positional traders. Stochastic which has given positive intersection near lower zone which indicates price will rise side way to upside and higher target can be tested soon.
Report By
xDirect India
Flat opening on D-Street; SGX Nifty down 6.00 points .capitalstars
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